Key ETFs offer a technical snapshot each week, but are not comprehensive technical analysis.
GLD is right at the resistance we noted last week. The chart is neutral and would become positive with a rise above resistance (and the moving averages) and a MACD up trigger. Obviously, a failure here would put a bear signal on.
Reminder: ETF updates are presented as a snapshot to current status only. More in depth work is done in NFTRH.
GLD turned last week’s resistance to support, which is now being tested as Ukraine hype unwinds and FOMC looms. This is a still bullish chart working off an over bought condition.
GLD is in consolidation at resistance. It is bullish until proven otherwise. Support is anywhere from the visual lateral support at 122 to the gap and moving average convergence around 125.
GLD is on a strong bull signal, but getting over bought as it heads toward the equivalent of gold 1340, our short term target. Over bought is seen in distance from EMA’s 10 and 20. A pullback would be normal.
GLD climbed above lateral resistance yesterday and moved above the trend line. It is on a bull signal by all data points. The pattern measures to 129 assuming the green line holds as support.
GLD is on a weak bull signal. It must get above the downtrend line or risk fading to neutral or bearish.
GLD remains on a bull signal.
GLD remains on a bull signal with MACD above 0 and the price above supportive 50 day moving averages.
GLD is neutral and on the cusp of a bull signal if support holds and the MA 50’s are exceeded.
In light of market moving events (Goldman’s ‘stocks are over valued’ Monday, JPM’s ‘PC’s are on a comeback, good for semiconductors’ Tuesday and this morning’s entry from the World Bank ‘Global growth to pick up in 2014, led by US’) in the media, we tighten up the ETF focus a bit.
This week we add the long-term T bond (TLT) and crude oil (USO) ETFs due to their strategic value within our fundamental analysis.